In 2008 Shorewood Realtors remained the top brokerage in the South Bay with 967 total unit sales (single family homes, condos/townhouses, residential income, and land/lot) valued at $1,088,259,000. Both figures topped all South Bay brokerages.Remax Palos Verdes Realty was second in both categories with 778 total sales valued at $783,913,000.

South Bay Brokerage Results 2008

Overall the sales for the Top 18 South Bay Brokerages dropped dramatically in 2008 compared to 2007. Total unit sales were down 18.3% in 2008. Of even greater significance was the 33.3% drop in total dollar value of all properties sold in 2008. Although 2008 was without a doubt a trying year for South Bay home sellers there was some good news in December.

Total unit sales for the top 18 brokerages were up 18.4% over December of 2007. The value of those sales was still down 14.7% over the previous year but with increased sales activity there should be a slowing in the free fall of home values seen through most of 2008. Combine that with the current low mortgage rates and 2009 may be the year real estate stabilizes in the South Bay.

For the month of November Shorewood Realtors continued to lead all Greater South Bay real estate brokerages in sales. For the the month Shorwood Realtors participated in 51 property sales throughout the Greater South Bay, 24 in house listings and 27 buyer representative sales.  Remax Palos Verders was close behind with 47 sales for the month, however the total value of their property sales was significantly less, $38.5 million vs. $61.1 million for Shorewood Realtors.

November 2008 Greater South Bay Brokerage Results - click to expand

In the Beach Cities, comprised of Manhattan Beach, Hermosa Beach, and Redondo Beach, Shorewood’s lead was far more dramatic with 28 sales compared to second place Remax Beach Cities with 13 sales.

November Beach Cities Real Estate Sales by Brokerage - click to enlarge

The market as a whole continues it’s downward trend. The dollar value of of real estate sales for Shorewood dropped from $111.8 million in September to just $61.1 million. Second place Remax Palos Verdes saw an equally dramatic loss in sales dropping from $63.2 million in September to only $38.5 million in November. The good news for home sellers and buyers is that the recent mortgage interest rate drops may rekindle the Greater South Bay real estate market in 2009. More to come on that subject next week.

3 Month Trend for South Bay Brokerage Sales Sept. - Nov. - click to enlarge